The State Agricultural Society is subject to and has all powers, rights, and privileges granted by law, with the following exceptions:
- (1) The society need not comply with the provisions of Laws 1939, chapter 431, relating to budgets, allotments, and encumbering of funds.
- (2) The society is not subject to the supervision of the commissioner of administration in the erection and construction of any new building.
- (3) The books and accounts of the society are subject to examination by the legislative auditor.